Degas's iconic Little Dancer statue sells for £13.3million

Sir John Madejski made £8million profit last night when an iconic sculpture by Edgar Degas's fetched £13.3million at Sotheby's in London.

Sir John, chairman of Reading Football Club, who was awarded a knighthood in the New Year Honours List for services to charity, paid £5million in February, 2004 for Petite danseuse de quatorze ans (Little dancer, aged 14).

In a record price for a Degas sculpture, it last night it sold to a private Asian collector after a fierce bidding battle between three would-be buyers.

The sculpture of dance student Marie van Goethem was the only one exhibited by the French artist during his lifetime.

The ground-breaking sculpture from the Impressionist period captures a young ballet dancer assuming a delicate and subtle pose and it is one of the most ambitious and iconic works by Degas.

When the original wax was first exhibited in Paris in 1881 it caused a sensation due to the realistic depiction of the 14-year-old girl. It was only one of only a handful of casts to have remained in private hands.

Sir John is one of Britain's leading arts philanthropists and helped to transform many cultural institutions in the UK, including the Royal Academy of Arts and the Victoria and Albert Museum.

Helena Newman, vice chairman of Impressionist & Modern Art at Sotheby's, said: 'Petite danseuse de quatorze ans is the most important sculpture by Edgar Degas and it is undoubtedly one of the most iconic sculptures of the Impressionist period.

'The record-breaking price achieved for this exceptional sculpture tonight is a testament to the strength of the market for rare works of exceptional quality.'